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HOME MORTGAGE LENDING REBOUNDS NATIONWIDE WITH ACROSS-THE-BOARD GAINS IN SECOND QUARTER OF 2024

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Residential Loans Surge 23 Percent Quarterly, Climbing Back to Levels from a Year Earlier; Purchase, Refinance and Home-Equity Lending All Increase; Despite Shift, Lending Activity Still Off Nearly Two-Thirds from 2021 Peak

IRVINE, Calif., Aug. 29, 2024 /PRNewswire/ — ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2024 U.S. Residential Property Mortgage Origination Report, which shows that 1.62 million mortgages secured by residential property (1 to 4 units) were issued in the United States during the second quarter, representing a 23.2 percent increase over the prior three-month period.

The spike still left total residential lending activity down 1.6 percent from the second quarter of 2023 and 61.2 percent from a high point hit in 2021. But it marked the first gain in a year and boosted the number of residential loans back up close to the level from a year earlier. The rebound came amid a strong Spring home-buying season and mortgage interest rates that dipped downward after months of increases.

The increase in overall lending resulted from improvements across all major categories of residential loans, especially for home buying. Purchase-loan activity jumped 32.7 percent quarterly, to about 783,000, refinance deals rose by 10.3 percent, to about 546,000, and home-equity credit lines shot up 26.5 percent, to about 286,000.

Measured monetarily, lenders issued nearly $533 billion worth of residential mortgages in the second quarter of 2024. That was up 27.6 percent from the first quarter of 2024 and 1.1 percent from the second quarter of last year.

The varying increases among different loan types boosted the share of residential mortgages for home purchases, while reducing the proportion of refinancing loans. Purchase loans remained the most common form of mortgages around the U.S. in early 2024, comprising almost half of all mortgages, followed by refinance packages and home-equity lending.

“The mortgage industry got one of its biggest boosts in years during the second quarter, supported by a combination of the usual Springtime home-buyer demand coupled with more attractive mortgage rates,” said Rob Barber, CEO at ATTOM. “However, a cautionary note is warranted, as we shouldn’t read too much into one great quarter. A similar trend occurred last Spring, with lending dropping off significantly later in the year. But with interest rates settling down and projections for more cuts from the Federal Reserve over the coming months, it wouldn’t be surprising if business increased even more for lenders over the rest of 2024, or at least didn’t drop significantly.”

Total lending recovers losses over the past year but remains well below peaks
Banks and other lenders issued a total of 1,615,281 residential mortgages in the second quarter of 2024, up from 1,311,377 in first quarter of 2024.

The latest total was still down slightly from 1,642,100 in the second quarter of 2023 and remained far behind a recent high point of 4,167,656 hit in the first quarter of 2021. But the recent gain mostly reversed three straight quarters of declines.

A total of $532.7 billion was lent to home owners and buyers in the second quarter of this year. That was up from $417.4 billion in the prior quarter and from $526.8 billion in the second quarter of 2023, although still less than half the recent peak of $1.3 trillion in 2021.

Overall lending activity followed a similar pattern at the metropolitan area level. The total rose from the first quarter to the second quarter of this year in 201, or 98 percent, of the 205 metropolitan statistical areas around the U.S. that had a population of 200,000 or more and at least 1,000 total residential mortgages issued from April through June of 2024. But it remained down from the second quarter of 2023 in 118, or 58 percent, of the metro areas analyzed.

The largest quarterly increases were in Boulder, CO (total lending up 106.5 percent from the first quarter of 2024 to the second quarter of 2024); Honolulu, HI (up 100.2 percent); Appleton, WI (up 63.1 percent); Sioux Falls, SD (up 56.8 percent) and Champaign, IL (up 54.7 percent).

Aside from Honolulu, metro areas with a population of least 1 million that had the biggest increases in total loans from the first to the second quarter of 2024 were San Jose, CA (up 46 percent); Minneapolis MN (up 44.3 percent); Indianapolis, IN (up 42.3 percent) and Boston, MA (up 35.4 percent).

The only metro areas with enough data to analyze where lending went down quarterly were Pensacola, FL (down 19.8 percent); Buffalo, NY (down 16.1 percent); Atlantic City, NJ (down 2.4 percent) and Springfield, IL (down 1.7 percent)

Measured annually, the largest declines in total lending among metro areas with a population of at least 1 million were in San Antonio, TX (total lending down 19.1 percent from the second quarter of 2023 to the second quarter of 2024); St. Louis, MO (down 14.9 percent); Austin, TX (down 13.9 percent); Dallas, TX (down 11.5 percent) and Buffalo, NY (down 11 percent).

Purchase mortgages, also up quarterly but slightly down annually, remain top loan type
The second-quarter purchase-loan total of 782,937 was up from 590,058 in the first quarter of 2024 while the $311 billion dollar volume of purchase loans was 39.2 percent higher than the $223.4 billion first-quarter level.

But the total was off 7 percent from 841,984 a year earlier and remained 50 percent lower than a high point hit in the Spring of 2021. The dollar amount was still off by 2.2 percent from $318.1 billion in the second quarter of last year and 42 percent beneath the 2021 peak.

Residential purchase-mortgage originations increased quarterly in 98 percent of the 205 metro areas in the report, while remaining down annually in 74 percent of those markets.

The largest quarterly increases were in Wichita, KS (purchase loans up 183.5 percent from the first quarter of 2024 to the second quarter of 2024); Boulder, CO (up 148.8 percent); Honolulu, HI (up 143.5 percent); Indianapolis, IN (up 86.8 percent) and Fort Wayne, IN (up 82.8 percent).

Aside from Honolulu and Indianapolis, the biggest quarterly increases in metro areas with a population of at least 1 million in the second quarter of 2024 came in San Jose, CA (up 68.5 percent); Boston, MA (up 65.9 percent) and Minneapolis, MN (up 60 percent).

The top annual decreases in purchase lending in metro areas with a population of at least 1 million were in San Antonio, TX (down 32 percent from the second quarter of 2023 to the second quarter of 2024); Dallas, TX (down 24 percent); Austin, TX (down 22.1 percent); Houston, TX (down 20.3 percent) and St. Louis, MO (down 19.6 percent).

The portion of all lending comprised by purchase mortgages rose for the first time in a year. It increased to 48.5 percent in the second quarter of 2024, from 45 percent in the prior quarter, although still down from 51.3 in the second quarter of 2023. Loans issued to buyers remained the most common loan category, way up from 29.7 percent in early 2021 when refinance deals were dominating the lending business.

Refinance mortgages turn back upward
Lenders issued 545,928 residential refinance mortgages in the second quarter of 2024. That was up from 494,862 in the first quarter of 2024 and 503,364 a year earlier.

The most recent figure represented the latest in a series of small comebacks after a spike in interest rates in 2021 and 2022 sent refinance lending downward by more than 80 percent.

The $168.1 billion dollar volume of refinance packages in the second quarter of 2024 was up 10.6 percent from $152 billion in the prior quarter and 8.5 percent from $155 billion in the second quarter of 2023.

Refinancing activity increased quarterly in 80 percent and annually in 76 percent of the metro areas around the U.S. with enough data to analyze.

The largest quarterly increases were in Honolulu, HI (refinance loans up 69.7 percent from the first quarter of 2024 to the second quarter of 2024); Sioux Falls, SD (up 54.5 percent); Boulder, CO (up 54.5 percent); Champaign, IL (up 53.1 percent) and Appleton, WI (up 50 percent).

Aside from Honolulu, metro areas with a population of least 1 million where refinance activity increased most quarterly were Providence, RI (up 29 percent); Minneapolis, MN (up 24.9 percent); Detroit, MI (up 24.7 percent) and Kansas City, MO (up 23.2 percent).

Metro areas with a population of least 1 million and the largest year-over-year increases in the number of refinance loans were Honolulu (up 43.9 percent from the second quarter of 2023 to the second quarter of 2024); Birmingham, AL (up 28.8 percent); Phoenix, AZ (up 26.9 percent); Las Vegas, NV (up 26.8 percent) and Tucson, AZ (up 26.7 percent).

Refinance packages comprised 33.8 percent of all loan originations in the second quarter of 2024. That was down from 37.7 percent in the prior quarter and far less than the 65.8 percent portion in the first quarter of 2021.

HELOC lending also climbs, nearly reaching levels from a year earlier
Home-equity lines of credit (HELOCs) also increased, going from 226,417 in the first quarter of 2024 to 286,416 in the second quarter. The improvement nearly wiped away losses sustained over the prior year, approaching the figure of 296,752 in the second quarter of 2023.

The $53.6 billion volume of HELOC loans in the second quarter of 2024 was up from $42 billion in the prior three-month period, almost equaling the $53.7 billion lent in the second quarter of last year.

HELOCs comprised 17.7 percent of all loans in the most recent quarter. That was down from 18.1 percent in the second quarter of 2023 but was still almost four times the level recorded in 2020.

HELOC mortgage originations increased from the first quarter to the second quarter of 2024 in 98 percent of the metro areas analyzed. The largest quarterly increases in metro areas with a population of at least 1 million were in Rochester, NY (up 49.6 percent); Detroit, MI (up 47.6 percent); Minneapolis, MN (up 40.6 percent); Milwaukee, WI (up 38.3 percent) and Grand Rapids, MI (up 38.2 percent).

FHA and VA loan percentages decline
Mortgages backed by the Federal Housing Administration (FHA) decreased in the second quarter of 2024 as a percentage of all home loans after 10 straight quarterly increases. They accounted for 223,919, or 13.9 percent, of all residential property loans originated in the second quarter of 2024. That was down from 16.4 percent in the first quarter of this year, although still up from 13.6 percent in the second quarter of 2023.

Residential loans backed by the U.S. Department of Veterans Affairs (VA) totaled 81,864, or 5.1 percent, of all residential property loans originated in the second quarter of 2024. That was down from 5.4 percent in both the previous quarter and the second quarter of 2023.

Typical purchase loan and down-payment percentage increase along with home prices
As the national median home price hit a new high in the second quarter of 2024, the typical single-family home loan and median down-payment percentage both rose.

Among homes purchased with financing in the second quarter of 2024, the median loan amount climbed to $368,207. That was up 7.2 percent from $343,561 in the prior quarter and 8.4 percent from $339,625 a year earlier.

Also rising was the median down payment, going up 11.1 percent quarterly, to $24,250; although it was still down 7.7 percent from a year earlier.

Report methodology

ATTOM analyzed recorded mortgage and deed of trust data for single-family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations.

About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications– AI-Ready Solutions. 

Media Contact:
Megan Hunt
megan.hunt@attomdata.com 

Data and Report Licensing:
datareports@attomdata.com

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PDRL Secures Order for 500 AeroGCS Software Licenses from AVPL International, Signalling Major Growth in India’s Drone Ecosystem

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November 13, 2024

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NASHIK, India, Nov. 13, 2024 /PRNewswire/ — PDRL, an innovative drone technology leader based in Nashik, Maharashtra, is thrilled to announce a landmark order of 500 AeroGCS software licenses from AVPL International (AITMC Ventures Ltd.). AVPL International, a key player in Aerial Innovative Technology for Mapping and Conservation (AITMC), has partnered with PDRL in a move that underscores both organizations’ commitment to advancing India’s drone industry and its application in agriculture and mapping.

Empowering the Indian Drone and Agriculture Sectors

AVPL International’s operations extend across 12 states and encompass an extensive network of 50 Global Incubation and Skill hubs (GISH), with an additional 20 World Incubation and Skill Hubs (WISH) focused on the drone and agriculture sectors. These hubs play a critical role in fostering technological innovation, building workforce skills, and creating opportunities in India’s expanding drone landscape. The substantial order of drone software licenses from PDRL will empower AVPL International’s mission to integrate cutting-edge drone technology into precision agriculture, environmental conservation, and resource mapping.

AeroGCS GREEN: The Backbone of Indian Agriculture Drone Operations

AeroGCS GREEN, a software developed by PDRL, has quickly gained recognition as India’s premier, made-in-India Ground Control Station (GCS) software suite tailored specifically for agriculture drone operations. From precision flying to agriculture spraying and comprehensive drone analytics, AeroGCS offers a robust solution for every aspect of drone usage in agriculture. This product has become indispensable in the Indian drone industry, driving efficiency and data-driven insights that are essential for sustainable farming practices.

Strategic Partnership for Technological Advancement and Rural Empowerment

This collaboration marks a significant milestone in AVPL International’s vision to transform agriculture and environmental conservation through drone technology. By deploying PDRL’s advanced technology, AVPL International aims to optimize resource use in agriculture, and support conservation projects across India.

PDRL and AVPL International have expressed excitement about the potential this collaboration holds for the future. “Partnering with AVPL International represents a significant milestone for PDRL, allowing us to contribute meaningfully to India’s agricultural and environmental sectors,” said Mr. Anil Chandaliya, CEO of PDRL. Further, Himanshu Sharma, CEO at AVPL International stated “We’re enthusiastic about a collaborative future that drives sustainable growth and technological advancement, fostering progress in precision agriculture and beyond.”

A Milestone for India’s Drone Ecosystem

The collaboration promises to catalyse transformative progress in drone technology and its applications in agriculture, positioning India as a global leader in drone innovation.

About PDRL:

Established in 2018, PDRL has swiftly risen as a dominant force in the Drone Technology, commanding a market share exceeding 50%. With three patents secured and three more in the pipeline, PDRL is committed to pioneering advancements that Create More Time to Live.

Central to PDRL’s mission is the development of cutting-edge drone technologies that streamline operations, boost efficiencies, and create more time to live.

At the heart of PDRL’s innovation is AeroMegh, a revolutionary drone SaaS solution integrating flight management, data capture, processing, and analytics. AeroMegh consists of: AeroGCS: Ensures seamless flight operations, AeroMegh GeoAI platform Delivers precise photogrammetry solutions and provides advanced GeoAI data analytics. Together, these products empower users with actionable insights, simplifying drone operations and enhancing overall efficiency.

PDRL remains steadfast in its commitment to sustainability and responsible innovation. By leveraging eco-friendly drone solutions, PDRL aims to mitigate carbon footprints and promote environmentally conscious practices across various sectors.

Through continuous research and development, strategic partnerships, and unwavering customer focus, PDRL envisions leadership in the market and also a future defined by efficiency, sustainability, and enduring societal impact.

Contact Details:
Marketing@pdrl.in, +91 7770013322

 

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AU10TIX Expands Global Presence in Bengaluru to Support India’s Digital Identity Transformation

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November 13, 2024

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Dedicated Presence to Empower Local Businesses with AI-Driven Identity Verification Solutions, Enabling Seamless Global Expansion

BENGALURU, India and TEL AVIV, Israel, Nov. 12, 2024 /PRNewswire/ — AU10TIX, a global leader in identity verification and management, today announced a significant expansion of its operations in India with the establishment of a dedicated presence in Bengaluru. This strategic move makes AU10TIX’s advanced identity verification solutions even more accessible to the world’s largest democracy, enhancing the company’s ability to serve the nation’s 1.4 billion citizens and support its rapidly growing digital economy with cutting-edge AI-powered technology.

With security embedded in its DNA for over two decades since inception, AU10TIX’s advanced smart capture technology and sophisticated LLM-powered verification systems can process over 3,000 ID types across more than 150 countries. This uniquely positions AU10TIX to help Indian businesses scale globally with seamless cross-border operations.

The company’s India operations will be led by identity verification market veteran Bhushan Sawant, who previously held sales and partnership positions with IDfy, CARD91 and Experian. He will spearhead the integration of AU10TIX’s advanced technologies within India’s unique identity ecosystem, focusing on empowering startups and established businesses in their global growth ambitions, particularly in expanding to APAC and other international markets.

“India’s digital transformation is occurring at an unprecedented scale,” said Bhushan Sawant, Regional Director, India, AU10TIX. “Our goal is to support this growth by providing identity verification solutions that are secure, scalable, and tailored to local needs, while also enabling Indian businesses to expand globally. Our deep expertise ensures the highest security standards while our smart technology delivers a smooth user experience.”

AU10TIX’s two-decade legacy in security-critical environments, combined with its advanced AI capabilities, makes it an ideal partner for India’s growing global business.

Dan Yerushalmi, CEO of AU10TIX, emphasized the company’s collaborative approach, saying, “We’re not here to compete with local solutions, but to complement them. We have the global expertise to help Indian businesses expand internationally, while we simultaneously learn from India’s impressive innovations in digital identity.”

About AU10TIX 
AU10TIX plays a pivotal role in establishing trust between individuals/companies and digital systems. Founded in 2002, it is the global leader in identity verification and management, protecting the world’s largest brands against advanced fraud. The company’s future-proof product portfolio helps businesses provide frictionless customer onboarding and verification in 4-8 seconds while staying ahead of emerging threats and evolving regulatory requirements. AU10TIX offers the world’s only 100% automated global identity management system, as well as the industry’s only solution that can detect organized mass attacks by analyzing traffic patterns and cross-checking data in a consortium of more than 60 major companies. With its deep roots in airport security, AU10TIX has authenticated billions of identities and prevented over $18 billion in identity fraud. AU10TIX is a subsidiary of ICTS International N.V. (OTCQB: ICTSF). Connect with AU10TIX on LinkedIn and on X at @AU10TIXLimited. For more information, visit AU10TIX.com. 

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COMPUTEX 2025: Seize Global Tech Opportunities – Registration Now Open!

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November 13, 2024

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TAIPEI, Nov. 13, 2024 /PRNewswire/ — COMPUTEX 2024, organized by the Taiwan External Trade Development Council (TAITRA), attracted global attention with 1,500 exhibitors and over 80,000 attendees, including tech professionals, startups, buyers, and media worldwide. As a premier platform for AI innovation, it solidified COMPUTEX’s position in the global tech scene. The upcoming COMPUTEX 2025 will be held from May 20 to May 23 at Taipei Nangang Exhibition Centers, focusing on the theme “AI Next.” Interested exhibitors are encouraged to register and take advantage of this opportunity to connect with the global tech market.

2025 Main Themes: Embracing AI and Innovation

The theme for COMPUTEX 2025, “AI Next,” focuses on the latest trends in artificial intelligence and how AI will drive industrial transformation in areas like content creation, product design, and manufacturing. By 2025, over half of global data analytics tasks will be cloud-based, with AI-related investments projected to surpass USD 300 billion by 2026. COMPUTEX 2025 will spotlight three main themes: AI Robotics, Next-Gen Tech, and Future Mobility. This focus aims to provide a robust platform for tech companies to present pioneering AI solutions and showcase advancements in robotics, next-gen tech, and mobility.

InnoVEX Pavilion: A Hub for Innovation 

The InnoVEX pavilion, renowned for supporting startups, will continue to be a highlight at COMPUTEX 2025, offering emerging companies an avenue to connect with manufacturing partners and access global distribution networks. This area will host various startup-focused activities, including competitions and product showcases, to attract interest from international venture capitalists and foster collaboration.

Diverse Events and Industry Leader Participation COMPUTEX 2024 concluded with influential keynote speakers, including leaders from AMD, Qualcomm, Intel, MediaTek, Supermicro, NXP, and Delta Research Institute. These leaders provided insights into how cutting-edge technologies can drive the future of AI, making COMPUTEX a critical forum for industry discussion. For 2025, the event will feature similar high-level talks and forums, along with theme-based tours, startup showcases, and procurement matchmaking sessions to facilitate networking and foster partnerships across borders.

Registration for COMPUTEX 2025 Open – A Premier Global Platform 

With registration now open, COMPUTEX 2025 offers a valuable platform for tech companies to enter international markets and form strategic partnerships. The event will feature keynote speeches, themed tours, and business matchmaking sessions, providing both established industry leaders and startups with valuable opportunities for exposure and growth. Don’t miss this unique chance to be part of the global tech scene; register now and visit the official website for more details.

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